Stay Ahead. Save More. Stress Less.
Between demanding clinical schedules and running a practice, financial planning often takes a back seat. But with 2025 on the horizon, now is the right time to align your strategy. Thoughtful, proactive planning not only minimizes taxes — it helps physicians secure long-term financial stability.
At Imperial Lifestyle Management, we specialize in supporting Canada’s doctors with a full suite of financial advisory services. Here’s your step-by-step checklist to streamline your 2025 planning and protect more of what you earn.
- Centralize Your Income Records Early
Whether you draw income from hospital shifts, locums, a private practice, or your medical corporation, consolidating your documents is key. Collect and organize T4s, T4As, dividends, and corporate financials in one place. This groundwork will save you time — and keep you in control as deadlines approach.
- Optimize RRSP Contributions Before the Deadline
Your RRSP contribution room for 2025 is based on 18% of your 2024 earned income, capped at the CRA’s annual limit. Strategically contributing before the deadline (expected March 1, 2026) reduces your taxable income and supports retirement planning. Use slower periods in the year to calculate and adjust — avoid rushed, last-minute decisions.
- Time Major Investments for Maximum Benefit
Planning to upgrade equipment, invest in technology, or enroll in CME programs? If your practice is incorporated, the timing of these expenses can unlock valuable tax deductions or capital cost allowances. Our team at ILM can help you make smart, tax-efficient decisions that align with your broader financial plan.
- Leverage Your TFSA Room
While TFSA contributions aren’t tax-deductible, your investments grow completely tax-free. With annual contribution limits expected to increase again in 2025, it’s a powerful tool when used alongside your RRSP. Maximize this opportunity to build long-term, flexible wealth.
- Re-Evaluate Your Incorporation Strategy
If you’re incorporated, revisit your compensation mix — salary vs. dividends — as changes in income or tax law may affect your optimal setup. Our advisors can help you find the right balance between short-term cash flow and long-term tax deferral, tailored to your lifestyle and goals.
- Stay Ahead of CRA Policy Shifts
The CRA continues to evolve, introducing new credits and deductions annually. From write-offs on digital tools to incentives for new equipment, being informed ensures you don’t miss out. Our specialists monitor changes closely and guide our clients through every update.
Final Thoughts: Peace of Mind Through Planning
Planning doesn’t have to be overwhelming — especially when you have the right guidance. Whether you’re just starting out or running a full-scale practice, aligning your strategy now leads to more freedom, less stress, and greater clarity throughout the year.
Book your financial consultation with Imperial Lifestyle Management today and take the first step toward a more secure, high-performing future.
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